From the Lint Screen to the Art Gallery

Houses made from vacuum cleaner dust……

I can’t wait for the Northwest Mold and Spore Series to come out.

See more at site of Florida artist Maria Adelaida Lopez.

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Add comment December 2nd, 2005

Portland Area Market Likely to Continue Strong Performance

As noted in an earlier post, Portland Market Trends – 2006 Forecast, the fundamentals in the Portland metro real estate market are strong and point to continued equity gains. A recent report by the research arm of the National Association of Realtors confirms those same views.

Portland is playing catch-up to much of the West coast when it comes to employment, wages, and home prices. In fact, with median home prices around $238,000, the report calls Portland one of the most affordable cities next to the Pacific Ocean.

The NAR’s findings:

• Current appreciation is 17%. National average is 13%. Three-year Portland appreciation has been 35%.
• Foreclosure risk in Portland is reasonably low. Although many buyers are using interest-only loans and adjustable rate mortgages, loan-to-value ratios are better than 90% for the vast majority of properties.
• Jobs and wages are on the upswing, albeit moderately. From July 2004 to July 2005, 22,000 new jobs were added to Portland payrolls.
• The market is ‘mildly oversupplied’ with new single family construction, although that will likely change with continued new job additions in the area.
• Price declines are highly unlikely. The NAR’s ‘stress test’ suggests that only large-scale job losses or extreme interest rate hikes (>10%) would lead to price declines.
• Housing equity will continue to accrue, likely above the historical level of 4%. The report points to Portland’s continued job growth and affordability index.
• Outer areas (mountains and ocean properties) will benefit from second-home purchases by baby-boomers.

If you’re into charts and graphs, contact me for a copy of the NAR’s local real estate forecast. I’d be happy to pass it along.

1 comment December 2nd, 2005

Portland To Be Featured in Untitled Movie

According to comingsoon.net, Portland will play a major role in an upcoming Hollywood feature.

Jeremy Piven (HBO’s Entourage) is in final talks to star in New Line Cinema’s untitled man vs. nature project being produced by Robert Simonds, says The Hollywood Reporter. The film will mark the first starring, above-the-title credit in his career.

Piven will play a smug Portland, Oregon real estate developer who accepts a challenge from his real estate mogul boss to develop a pristine forest in the hopes of being promoted to partner. He gets more than he bargained for when the area’s animal residents start taking their revenge on him and wreak havoc on his every attempt to develop the land.

Josh Gilbert and Michael Carnes are writing the comedy, which was titled Furry Vengeance.

True to Hollywood form, we’ll have to leave our rational thought at the door, because in real life, I have a feeling that more than a few environmental groups would have had their way long before the woodsy critters got to him.

Nevertheless, I wonder if the “Caddyshack” gopher will get a cameo.

Stay tuned to re:PDX for breaking news on this one….

1 comment December 1st, 2005